Innovation Projects and Publications in Progress for Jobs Sydney: Part Two
Wednesday March 4, 2009
The NSW Government has announced plans of increasing business investment and improving productivity through enhanced industry innovation. The plan will particularly focus on five NSW sectors that have been performing well over recent years and hold great potential for innovation.
The NSW Government Statement on Innovation targets five innovation policy goals:
- Improve human capital - providing a strong platform and closer links between schools, TAFE and local businesses with effective training and school programs. This will hopefully link to industry workforce demands, thereby creating greater jobs Sydney demand and growth.
- Upgrading knowledge and information infrastructure - this will be a policy of creating a mutually-beneficial and supportive relationship between the public and private sectors to the greater benefit of jobs Sydney and greater NSW along with industries.
- Better cost effective utilization of science and technology - creating a clearer and easier relationship between research institutions such as universities and making the latest information available for businesses benefit.
- Investing capital in innovation - designed to benefit both the economy and jobs Sydney and greater NSW
- Reduction in innovation barriers for businesses - reducing the burden of red tape on NSW businesses.
There are five key sectors that have been selected for their great potential of benefitting from effective innovation:
Financial Services - Sydney's financial services workforce is facing hard times in the current economic climate, but before that hit it was one of Australia's strongest industries, in particular in jobs Sydney, with almost half the size of both New York's and London's financial services workforce. At last count, there were 144 companies and almost 20,000 small businesses across NSW with 168,000 people employed in the industry in 2006-07.
The Government states that the reasoning behind the finance and insurance sector being chosen is that despite the current financial climate, it is the third largest sector in NSW, behind property and business services and manufacturing. The sector contributed $31 billion to the State's economy in 2005-06.
Creative Industry - this industry has been of a particular focus for the jobs Sydney due to its status as one of the fastest growing employment industries over the last decade with a rate of 74 per cent higher than other industries. NSW accounts for 38% of Australia's creative workforce and the innovation programs are hoping to encourage this and build upon it for the sake of jobs Sydney.
The NSW industry was also chosen, besides it excellent jobs growth, because it accounts for 56 per cent of Australia's overall creative and technology service exports, with NSW input valued at $2.2 billion, one of the State's top 20 exports.
Manufacturing - accounting for approximately 10 per cent of the NSW workforce with over 300 manufacturing businesses in NSW with over 200 employees, with an additional 20,000 smaller employing manufacturing firms in 2006. The manufacturing industries that are most popular with jobs Sydney include food, beverages and tobacco manufacturing, machinery and equipment manufacturing, recorded media production and metal products manufacturing.
The sector was predominately chosen due to the NSW Manufacturing industry contributing over $34 billion to the NSW economy in 2006-07. As a result, this is the second largest industry sector in the state and accounts for 32 per cent of national manufacturing output.
Logistics - the NSW logistics sector was chosen due to its standing as the biggest contributor to Gross Domestic Product at 14.5% which lends itself to one of biggest sources of jobs Sydney.
Within NSW the road transport and logistics industry employs approximately 34 per cent of all Australian road transport and logistics industry jobs with an increase of 39 per cent in the last ten years.
Resources (coal) - employing over 21,000 people in NSW as of February 2008 with projections of potential jobs creation of 5000 resources jobs. The Government has stated that for every direct job created in the mining industry there are three jobs creating as a result in supporting industries, thereby qualifying the industry for focus within the Government's innovation focus.